Environment

Paper money is so 2015. Just pull out your phone and click to pay. But which one should you use?

You no longer need to carry a bulky wallet filled with numerous credit cards or cash. With a mobile wallet, you simply use your smartphone to pay for your transactions. Most electronic wallets are free and to begin, you just download the app on your smartphone. Many of these apps, such as Apple Pay, Android Pay and Samsung Pay, are becoming increasingly popular and compatible with many card readers, credit cards and banks.

Android Pay, Apple Pay and Samsung Pay are some of the most common mobile wallets available. Aside from the differences in mobile platforms, there are many advantages and limitations to each option.

With Android Pay, you can add most credit, debit and gift cards to the application. You can also store all your loyalty cards within the application as well, helping you maintain reward points. With Android Pay you don’t need to open the actual application when making a transaction. Android Pay uses near field communication technology (NFC). This allows you to transmit all your credit card information between your phone and the card reader. If the store has a newer card reader and accepts this mobile wallet, you can simply hold your phone to the card reader, while the phone is open. There is no fingerprint authentication required with this application.

Security is always a concern when it comes to your financial information. Instead of using your actual credit card number and other personal information when you use Android Pay, this application uses a virtual account number, ensuring that all your personal information is secured on your phone. And if your phone is lost or stolen, you can easily lock the phone, create a new password or completely wipe all financial information until the phone is recovered again.

Android Pay and Apple Pay have many similarities. For example, when using Apple Pay, you also hold your phone unlocked to the card reader. However, Apple Pay requires fingerprint authentication for the transaction to be complete. You can pay with either your smartphone or with an Apple Watch. You can make in-app purchases as well as payments online using this mobile wallet. Apple Pay is also compatible with most credit cards and U.S. banks.

When you make a purchase using Apple Pay, your receipts are kept in your mobile wallet but the transaction information is not stored elsewhere. Like Android Pay, your credit card information is not used for the transaction. Instead, a specific number is used, eliminating the chance of stolen credit cards and fraud.

Samsung Pay is much more limited than Android Pay and Apple Pay. This electronic wallet is only available on the newest Samsung Galaxy phones, Galaxy S6 Edge+, Galaxy Note 5, Galaxy S6 active and Galaxy S2 and S3.

When you use this electronic wallet, you can add any qualifying Visa, MasterCard or American Express credit cards. Additionally, more than 650 banks and credit unions support Samsung Pay. You can also add gift cards and loyalty cards, helping you more easily manage and use them. If a card has a barcode located on it, it can be stored on the electronic wallet.

When you pay using Samsung Pay, you access the card you wish to use on the app, validate your purchase and place your phone near the card reader. You can also pay for online purchases when on your phone by using Samsung Pay and verify the purchase with your fingerprint.

One advantage to Samsung Pay is it works with most card readers. It uses both NFC technology and magnetic secure transmission (MST) technology. MST technology emits a magnetic signal that acts like magnetic strip that you find on most credit cards. This allows you to use this electronic wallet at more terminals than similar applications.

When it comes to the security of Samsung Pay, numerous security measures are in place. You must verify every purchase with your fingerprint or by entering a pin number. Additionally, your credit card number is never used for transactions, instead a random set of number is used. If you fear storing all your credit card information on your phone, all account information is encrypted and stored in a data vault.

Tech executives in particular should take a page from top financiers on how to build efficient, competitive, and successful companies.

The financial industry often gets a bad rap, thanks in part to world-shattering events like the 2008 recession. It’s tough for an industry to appear on the up-and-up when a few legacy companies upend the global financial system.

But not all finance organizations are Lehman Brothers or Bear Stearns — in fact, most of them aren’t. The most pure markets in finance are incredibly sophisticated and arguably result in the most level playing fields of any industry. This is largely due to the fact that legislation forces transparency, so the sector must be vigilant about plugging holes and rooting out corruption.

Leaders in other fields can learn a great deal from studying leading finance companies. Unlike tech companies, which maintain relatively friendly relationships with competitors, finance is a dog-eat-dog world. Finance companies refuse to permit bloat and inefficiencies because they can’t afford such distractions when billion-dollar decisions are on the line.

Finance’s Finer Points

Not all business leaders desire a house in the Hamptons and a private yacht, nor do they thrive on the fast-paced, 24/7 work ethic that finance demands. But founders and executives of all stripes could stand to cultivate some of finance leaders’ most effective qualities.

Here’s what distinguishes the leaders — and winners — in this industry:

They take management seriously.

Major finance corporations conduct extensive management trainings that yield standardized processes and well-trained leaders. Executives in the tech industry would benefit from more intensive training, for ourselves and our staff members, before diving into or doling out management positions.

They recruit talent aggressively.

Finance companies know how to entice the brightest analytical minds, and they hook them before they’ve even started their careers. Much like talent scouts pursue college athletes for the big leagues, top finance organizations operate strong recruitment programs. They visit the best universities in the country, promoting their grade-A internship opportunities to promising would-be investors.

They’re data-driven.

Finance professionals rely on high-level, high-quality data information to stay on their competitors’ trails. Minute alpha advantages make the difference in billions of dollars in profit, which is why you see finance companies using predictive tools that are years ahead of those in any other industry.

Finance is a zero-sum game.

Professionals in this field either win big or lose big, and they’re keenly aware of what’s at stake. That mindset creates a hyper-focused approach to delivering results.

Here are some key questions to consider before you put your business on the market.

So, you’re ready to sell your business? You’ve nurtured it from the ground up, into a venture that’s now successful enough that it will appeal to others, who will ideally pay your full asking price. But if you think that alone is the criteria that make a business sale-ready, think again. There are many things to consider before you put your business on the market if you hope to reap the benefits of a successful sale.

Here are seven key questions to consider before you put your business on the market:

1. Are you ready to hand over the reins?

First and foremost, you must ask yourself if you are really ready to step away from your company and whether or not it’s at a point that it can survive without you. As many entrepreneurs can attest, sometimes they are the sole reason their business is a success. This is particularly true in cases where client relationships have been built over a number of years.

Still, the reality is, buyers are generally more attracted to companies that can thrive without the current owner’s continued involvement. If you’re still handling the day-to-day success that makes your business thrive, you may want to put your sale aspirations on hold, and begin mapping out an exit strategy that removes you from key roles. Only then will you truly be able to determine whether or not a future sale of your company can be successful.

2. Is your business currently thriving?

Buyers won’t bite based on past successes. If your business has already seen its heyday, don’t expect potential buyers to line up eager to buy it. This is why smart entrepreneurs often sell their businesses at the height of its success and popularity — they ride the wave to the top and then get out.

Ultimately, an informed buyer is going to want to verify that your company has been successful within the past 12 months and that it has a sustainable future. It’s up to you to prove that.

3. Do you have your affairs in order?

Potential buyers are going to want to see all kinds of information, likely spanning years. This includes tax returns and balance sheets. They’re going to want to see financial statements spanning entire 12-month periods in order to gauge seasonal fluctuations in revenue.

Potential buyers will also want to see licenses, permits, leases, customer and vendor contracts and anything else pertaining to business operations. Having your affairs in order also includes taking care of any outstanding debts or other legal issues that could potentially derail the sale of your business.

4. Have you consulted with all of the necessary experts to ready your business for sale?

When it comes to selling a business, don’t try to go at it alone. You’ll want to retain the advice of experts, including accountants, attorneys and business brokers that are seasoned in selling businesses in your particular (or at least a similar) field.

Doing so will ensure no important details, such as obtaining non-disclosure agreements from potential buyers, are overlooked.

5. Can you prove business profits?

Always remember that buyers are interested in profits over revenue when considering whether or not to purchase a business. The two are very different, and while revenues can look good on the surface, informed buyers will understand the difference between profit margin and revenue.

6. Have you conducted a thorough business valuation?

There are myriad factors to putting a dollar value on a business, including some you may not be familiar with. Like the previous consideration, this one comes down to expertise. A professional valuation will not only provide an accurate estimate of what your business is worth, but it will also better prepare you to vet potential buyers.

A proper valuation can also expose weaknesses that need to be addressed before you officially slap that for-sale sign on your business.

7. Are you prepared to answer questions and be transparent?

For a sale to be beneficial to both parties, you must be prepared to answer any and all questions that your potential buyer deems important. This means being honest about the pros and cons of your business. Don’t hide anything. Tell your buyers about your challenges in the business along with the successes.

If handled correctly, the sale of your business can be the perfect final chapter to your entrepreneurial journey. By addressing all of these points, you’ll increase the chances that both you and your buyer walk away from the deal satisfied and in the best position for future success.

An exceptional company culture means success for your business, and success means growth. As your company grows, it becomes necessary to adapt your culture.

There’s really nothing like the feeling of walking into your office when business is good and the culture is prosperous. The times when energy is high and everyone is wearing a smile are truly great. However, times like these—when business is increasing and your company is growing—signify a forthcoming issue: How will you maintain this amazing culture as your company grows?

Truthfully, it pains me to call it an issue, because great culture means great success, and that success means growth. Maintaining the same cultural dynamic, though, can be difficult. If it helps at all, at least you’re not forced to adapt or change your culture because it’s failing, so at times, company culture is a bit of a matter of perspective. That said, let’s take a look at the contour of why you’ll need to adapt your culture as your company grows.

A growing company can mean several things. From the five stages of small business growth and beyond (large companies can and do grow, quite regularly), a number of changing factors present issues for your company culture. Here are a few of the more significant potential changes:

Larger workforce: As your company grows, there’s a very good chance that you’ll need to hire more employees. More employees means needing more managers. It can also mean better management, and that leads me to #2.

Better workforce: Let’s face it, some areas of your workforce may need improvement as your company grows. As hiring raises the bar, this might mean parting ways with employees who can’t maintain the new standard.

Multiple offices: A growing company can, and often does, mean multiple offices. For example, a software company in the San Francisco Bay area may open up a sales/customer service location in New York (very imaginative, I know).

So business is booming, and this means that there are new faces being thrown into the mix. Further, a second office is being opened up in a city that’s halfway across the country. Your company’s cultural dynamic will inevitably change, so now it’s not a matter of “why” but rather “how” to adapt your company culture. Several issues may arise, from leadership to management, operations to communications and more. Even your current technologies might need a sudden upgrade.

Whatever changes your culture needs, one thing seems to remain constant across all growing companies: implementing organizational change starts and ends with your company’s leadership. A study by the Center for Creative Leadership concluded that the competencies necessary for the leadership of growing companies include leading people, strategic planning, inspiring commitment and managing change. Aside from making complete sense, focusing on growing with (or into) the right leadership as your company expands often results in maintaining, and in some cases improving, your culture. In other words, adapting your leadership first means sustainable growth.

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East.

The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 June 2013, MTN recorded 201.5 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. MTN’s brand is the most valuable in Africa, and is ranked in the top 100 brands worldwide. MTN’s shares constitute the biggest primary listing on the JSE – Africa’s largest stock exchange.